apple developer account for sale ：A sugary IPO rush
,Investment choice: A file picture showing people monitoring share prices in Kuala Lumpur. The market is flush with liquidity due to low interest rates, and investors are scrambling for IPO shares in the hope of higher returns.
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As the pandemic ravaged through businesses in 2020, companies should begin rebuilding themselves this year.
Theoretically, the results of the recovery should only be seen in 2022.
But something slightly different is playing out. At least going by the pipeline of companies seeking to float on the stock exchange.
There are 30 companies that are to get listed this year alone, according to the Securities Commission.
One top investment banker says that in all his working life, he’s never been as busy this year, working on initial public offering (IPO) deals for the Main Market.
But how can the companies go for listing if their businesses were badly hit last year?
If that is not surprising, here’s another bunch of numbers that are going against the norm – massive amount of liquidity is looking for IPO shares of the recent ACE Market listings. This has resulted in record-breaking oversubscription rates.
To put it in perspective, just four ACE Market listings attracted a whopping RM1.47bil in applications this year for only RM94mil worth of public portion shares.
This clearly points to a market flush with liquidity, a result of low interest rates, and investors scrambling for IPO shares in the hope of higher returns.
Considering that, could it be the case that company owners and their advisers are rushing out listings to capture this opportunity?
Could there be cases of owners wanting to cash out of their businesses? Could valuations be at stratospheric levels, thinking that due to the strong demand, investors will just snap up IPO shares regardless of their pricing?
One investment banker working on a few large listings on the Market Market says the reason for the new listings has less to do with the above-mentioned reasons. Instead, he puts it down to three “buckets” of companies that are coming to the market.
One are the clear beneficiaries of the Covid-19 pandemic and a good example of this would be rubber glove manufacturers.
It has been reported that two rubber glove players are making their way to the market.
Harps Holdings Sdn Bhd and Smart Glove Corp are reportedly seeking to raise about RM2bil and RM1bill respectively via listings on Bursa Malaysia (see sidebar).
Their valuations will be similar to current glove stocks on the market, points out the banker, adding that they are likely to offer a slight discount to leave something on the table to investors.
“Sure, it does seem that valuations of glove stocks have come down recently, but the demand for the products is there. If you are a glove company certified to sell to the United States, with full environmental, social, and governance or ESG compliance, there should be no disruption to your growing business, ” he adds.